Rates funding is welcomed

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A LOCAL authority has welcomed the chancellor’s budget announcement to set aside over £900,000 in the next four years for businesses across the Winchester district that face a significant rise in their business rates.

This funding is ‘front-loaded’, with £500,000 available for the financial year, as a result of the 2017 revaluation exercise by the Valuation Office that takes effect from April 1.

Cllr Stephen Godfrey, Winchester City Council’s portfolio holder for finance, said: ‘Our analysis suggests a third of businesses in Winchester will see a reduction in their business rates and another third will see a rise.

‘We’ll be working on a new discretionary relief scheme to make sure this money is targeted towards those businesses facing large rises and occupying lower value properties.’